Dublin, Dec. 18, 2018 (GLOBE NEWSWIRE) -- The "Global Smart Office Market - Segmented by Product (Smart Lighting, Security and Access Control System, Energy Management System, Audio Video Conferencing System etc.), Building Type and Region - Growth, Trends and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
As of 2017, the global smart office market was valued at USD 32.62 billion and is expected to reach a value of USD 61.4 billion by 2023, registering a CAGR of about 11.26% during 2018-2023 (the forecast period).
Smart office system deploys sensors, automated systems, and advanced communication networks, to enable a centralized control and the wireless data transfer for monitoring and data analysis. This system improves the efficiency of offices. Automated lighting systems and advanced HVAC systems help offices in a better energy management. Advanced connectivity systems in smart offices enable cross-continental communication with video-audio conferencing features.
The growth in business and emerging business opportunities in the developing economies are driving the establishment of new infrastructure, with many consumers opting smart office systems for the future. This factor is indicating a growth in demand for smart offices.
Increasing Focus on Energy Efficiency is Driving the Smart Office Market
The top five consumers of the electricity are expected to account for more than 40% of the global energy consumption. Building operations are expected to account for around 36% of the overall energy consumption. With the growing demand for electricity, the consumption of natural resources has increased drastically, over the last decade.
Rising concerns, over environmental safety, are pushing governments to initiate energy regulations, in order to control the overall energy consumption. This factor is pushing offices and other commercial buildings to reduce the overall energy consumption.
Offices are looking to employ smart energy management systems, in order to reduce the overall energy consumption and control carbon footprint. Moreover, at present, companies are deploying automated lighting systems and smart HVAC systems. These systems enable operation based on presence and remain off in the absence of personnel.
This factor is helping companies to reduce the energy consumption and growing environmental concerns. It is also pushing the companies to adopt efficient systems, which, in turn, is driving the rate of adoption of smart offices, globally.
Control Systems are Dominating the Market Landscape
Smart HVAC (heating, ventilation, and air conditioning) system is critical in the face of depleting natural resources, particularly fossil fuels, setting to raise the cost of energy supply and distribution, over the coming years. On the account of these regulations, most office buildings need smarter heating and cooling, so that new office buildings can become more energy efficient.
Moreover, for the millions of offices built over past decades, smart HVAC system is expected to become an essential investment opportunity, if companies are resolute to mitigate their effects on the environment and energy savings. Manufacturers, however, are taking these dynamics and even further presenting a wave of new products that include everything, from self-diagnose systems to variable-speed air handlers with electronic controls.
Besides, smart thermostats are bringing the revolution with their wide range of applications in the Internet of Things office automation. The HVAC sensor market is increasing proportionately with the increase of building automation, along with the growing need for efficient and convenient technological systems in the office for numerous applications.
North America is Expected to Dominate the Smart Office Market
The North American smart office market is expected to witness an enormous growth rate, from the smart lighting and security & access control systems. Technological penetration and the increasing security concerns among various organizations are propelling the growth of the North American smart office market, which stands on the top of the charts in terms of revenue.
Over the years, North America has been taking a giant leap in terms of technological advancement, with companies making prosperous approaches to add value to the market growth. Market players in this region have launched advanced and efficient products, to deliver powerful services to organizations. Firms are leveraging devices, such as smartphones and other technologies, in order to get solutions at a faster rate and lesser cost, as technology penetration is high in North America.
As of 2017, the United States held a major share of the North American smart office market. The majority of the companies in the United States have invested heavily in establishing a connected office environment, to maintain a certain flow of operations. Also, the intervention of IoT in the industry has made firms willing to invest to automate functions and help in optimizing the entire workforce efficiency.
The increasing number of smart devices has been the primary reason behind the implementation of the connected offices, as more devices and a heavy dependence on the emerging cloud computing technologies will exponentially improve the quality of products and services being provided by the firms.
Key Developments in the Market
- March 2017 - Siemens acquired Mentor graphics, an electronic design automation (EDA) Software leader, to expand its digital industrial leadership.
- January 2017 - Ericsson and Cisco extended their strategic partnership, in order to include new Wi-Fi with the integrated and scalable cross-market solutions.
- January 2017 - Johnson Controls introduced Verasys controls system, which provides the first plug-and-play solutions to integrate HVACR equipment and controls.
- December 2016 - Cisco launched an enhanced cloud-scale networking platform, to help service providers transform central offices.
- December 2016 - Schneider Electric and Cosmo Company partnered to empower grid operators with accurate infrastructure.
Topics Covered
1. Introduction
1.1 Scope of the Study
1.2 Study Deliverables
2. Research Approach and Methodology
2.1 Study Assumptions
2.2 Analysis Methodology
2.3 Research Phases
3. Executive Summary
4. Smart Office Market Dynamics
4.1 Market Overview
4.2 Introduction to Drivers and Restraints
4.3 Market Drivers
4.4 Market Restraints
4.5 Market Opportunities
4.6 Industry Value Chain Analysis
4.7 Porter's Five Forces Analysis
5. Technology Overview
6. Smart Office Market By Product
6.1 Smart Office Lighting
6.2 Security & Access Controls System
6.3 Energy Management System
6.4 Smart HVAC Control System
6.5 Audio - Video Conferencing System
6.6 Fire & Safety Control System
6.7 Others
7. Smart Office Market By Building Type
7.1 Retrofits
7.2 New Buildings
8. Smart Office Market By Geography
8.1 North America
8.2 Europe
8.3 Asia-Pacific
8.4 Latin America
8.5 Middle East & Africa
9. Smart Office Market Company Profiles
9.1 Koninklijke Philips N.V.
9.2 Honeywell International Inc.
9.3 ABB Ltd.
9.4 Schneider Electric SE
9.5 Siemens AG
9.6 United Technologies Corporation
9.7 Johnson Controls International PLC
9.8 Cisco Systems Inc.
9.9 Crestron Electronics Inc.
9.10 Lutron Electronics Co. Inc.
10. Smart Office Market Vendor Share
11. Smart Office Market Investment Analysis
12. Smart Office Market Future of the Market
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